# South Korean won

The South Korean won (Symbol: ₩; Code: KRW; Korean: 대한민국 원) is the official currency of South Korea. A single won is divided into 100 jeon, the monetary subunit. The jeon is no longer used for everyday transactions, and it appears only in foreign exchange rates. The currency is issued by the Bank of Korea, based in the capital city of Seoul.

## Etymology

The old "won" was a cognate of the Chinese yuan and Japanese yen, which were both derived from the Spanish-American silver dollar. It is derived from the hanja 圓 (원, won), meaning "round", which describes the shape of the silver dollar.
The won was subdivided into 100 jeon (Korean: 전; Hanja: 錢; MR: chŏn), itself a cognate of the East Asian unit of weight mace and synonymous with money in general. The current won (1962 to present) is written in hangul only and does not officially have any hanja associated with it.

## First South Korean won
### History

The Korean won, Chinese yuan and Japanese yen were all derived from the Spanish-American silver dollar, a coin widely used for international trade between Asia and the Americas from the 16th to 19th centuries.
During the colonial era under the Japanese (1910–45), the won was replaced by the Korean yen which was at par with the Japanese yen.
After World War II ended in 1945, Korea was divided, resulting in two separate currencies, both called won, for the South and the North. Both the Southern won and the Northern won replaced the yen at par. The first South Korean won was subdivided into 100 jeon.
The South Korean won initially had a fixed exchange rate to the U.S. dollar at a rate of 15 won to 1 dollar. A series of devaluations followed, the later ones, in part, due to the Korean War (1950–53). The pegs were:
Pegs for the first South Korean won :
| Date introduced | Value of U.S. dollar in won |
| October 1945 | 15 |
| July 15, 1947 | 50 |
| October 1, 1948 | 450 |
| June 14, 1949 | 900 (non-government transactions only) |
| May 1, 1950 | 1,800 |
| November 1, 1950 | 2,500 |
| April 1, 1951 | 6,000 |
The first South Korean won was replaced by the hwan on February 15, 1953, at a rate of 1 hwan = 100 won.

### Banknotes

In 1946, the Bank of Joseon introduced 10 and 100 won notes. These were followed in 1949 by 5 and 1,000 won notes.
A new central bank, the Bank of Korea, was established on June 12, 1950, and assumed the duties of Bank of Joseon. Notes were introduced (some dated 1949) in denominations of 5, 10 and 50 jeon, and 100 and 1,000 won. The 500 won notes were introduced in 1952. In 1953, a series of banknotes was issued which, although it gave the denominations in English in won, were, in fact, the first issues of the hwan.

## Second South Korean won
### History

The won was reintroduced on June 10, 1962, at a rate of 1 won = 10 hwan. It became the sole legal tender on March 22, 1975, with the withdrawal of the last circulating hwan coins. Its ISO 4217 code is KRW. At the reintroduction of the won in 1962, its value was pegged at 125 won = US$1. The following pegs operated between 1962 and 1980:
Pegs for the second South Korean won :
| Date introduced | Value of U.S. dollar in won |
| June 10, 1962 | 125 |
| May 3, 1964 | 255 |
| August 3, 1972 | 400 |
| December 7, 1974 | 480 |
| January 12, 1980 | 580 |
On February 27, 1980, efforts were initiated to lead to a floating exchange rate. The won was finally allowed to float on December 24, 1997, when an agreement was signed with the International Monetary Fund. Shortly after, the won was devalued to almost half of its value, as part of the 1997 Asian financial crisis.

### Coins

Until 1966, 10 and 50 hwan coins, revalued as 1 and 5 won, were the only coins in circulation. New coins, denominated in won, were introduced by the Bank of Korea on August 16, 1966, in denominations of 1, 5 and 10 won, with the 1 won struck in brass and the 5 and 10 won in bronze. These were the first South Korean coins to display the date in the Gregorian calendar, earlier coins having used the Korean calendar. The 10 and 50 hwan coins were demonetized on March 22, 1975.
In 1968, as the intrinsic value of the brass 1 won coin far surpassed its face value, new aluminium 1 won coins were issued to replace them. As an attempt to further reduce currency production costs, new 5 and 10 won coins were issued in 1970, struck in brass. Cupronickel 100 won coins were also introduced that year, followed by cupronickel 50 won coins in 1972.
1966–1982 issued coins (in Korean) :
| Image | Image | Value | Technical parameters | Technical parameters | Technical parameters | Description | Description | Description | Date of | Date of | Date of | BOK series designation |
| Obverse | Reverse | Value | Diameter | Mass | Composition | Edge | Obverse | Reverse | First minting | Issue | Issue Suspended | BOK series designation |
| | | ₩1 | 17.2 mm | 1.7 g | Brass 60% copper 40% zinc | Plain | Rose of Sharon, value, bank title (hangul) | Value (digit), bank title, year of minting | 1966 | August 16, 1966 | December 1, 1980 | Series I (가) |
| | | ₩1 | 17.2 mm | 0.729 g | 100% aluminium | Plain | Rose of Sharon, value, bank title (hangul) | Value (digit), bank title, year of minting | 1968 | August 26, 1968 | 1992 | Series II (나) |
| | | ₩5 | 20.4 mm | 3.09 g | Commercial bronze 88% copper 12% zinc | Plain | Geobukseon, value, bank title (hangul) | Value (digit), bank title, year of minting | 1966 | August 16, 1966 | 1992 | Series I (가) |
| | | ₩5 | 20.4 mm | 2.95 g | High brass 65% copper 35% zinc | Plain | Geobukseon, value, bank title (hangul) | Value (digit), bank title, year of minting | 1970 | July 16, 1970 | 1992 | Series II (나) |
| | | ₩10 | 22.86 mm | 4.22 g | Commercial bronze 88% copper 12% zinc | Plain | Dabotap Pagoda, value, bank title (hangul) | Value (digit), bank title, year of minting | 1966 | August 16, 1966 | Still circulating | Series I (가) |
| | | ₩10 | 22.86 mm | 4.06 g | High brass 65% copper 35% zinc | Plain | Dabotap Pagoda, value, bank title (hangul) | Value (digit), bank title, year of minting | 1970 | July 16, 1970 | Still circulating | Series II (나) |
| | | ₩50 | 21.6 mm | 4.16 g | 70% copper 18% zinc 12% nickel | Reeded | Stalk of rice, value (hangul) | Value (digit), bank title (hangul), year of minting | 1972 | December 1, 1972 | Still circulating | Series I (가) |
| | | ₩100 | 24 mm | 5.42 g | Cupronickel 75% copper 25% nickel | Reeded | Yi Sun-sin, value, bank title (hangul) | Value (digit), year of minting | 1970 | November 30, 1970 | Still circulating | Series I (가) |
| These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table. |||||||||||||
In 1982, with inflation and the increasing popularity of vending machines, 500 won coins were introduced on June 12, 1982. In January 1983, with the purpose of standardizing the coinage, a new series of 1, 5, 10, 50, and 100 won coins was issued, using the same layout as the 500 won coins, but conserving the coins' old themes.
1982–2006 issued coins :
| Image | Image | Value | Technical parameters | Technical parameters | Technical parameters | Description | Description | Description | Date of | Date of | BOK series designation |
| Obverse | Reverse | Value | Diameter | Mass | Composition | Edge | Obverse | Reverse | First minting | Issue | BOK series designation |
| | | ₩1 [ko] | 17.2 mm | 0.729 g | 100% aluminium | Plain | Rose of Sharon, value (hangul) | Value (digit), bank title, year of minting | 1983 | January 15, 1983 | Series III (다) |
| | | ₩5 [ko] | 20.4 mm | 2.95 g | High brass 65% copper 35% zinc | Plain | Geobukseon, value (hangul) | Value (digit), bank title, year of minting | 1983 | January 15, 1983 | Series III (다) |
| | | ₩10 | 22.86 mm | 4.06 g | High brass 65% copper 35% zinc | Plain | Dabotap Pagoda, value (hangul) | Value (digit), bank title, year of minting | 1983 | January 15, 1983 | Series III (다) |
| These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table. ||||||||||||
Current coins :
| Image | Image | Value | Technical parameters | Technical parameters | Technical parameters | Description | Description | Description | Date of | Date of | BOK series designation |
| Obverse | Reverse | Value | Diameter | Mass | Composition | Edge | Obverse | Reverse | First minting | Issue | BOK series designation |
| | | ₩10 [ko] | 18 mm | 1.22 g | Copper-plated aluminium 48% copper 52% aluminium | Plain | Dabotap pagoda, value (hangul) | Value (digit), bank title, year of minting | 2006 | December 18, 2006 | Series IV (라) |
| | | ₩50 [ko] | 21.6 mm | 4.16 g | 70% copper 18% zinc 12% nickel | Reeded | Stalk of rice, value (hangul) | Value (digit), bank title, year of minting | 1983 | January 15, 1983 | Series II (나) |
| | | ₩100 [ko] | 24 mm | 5.42 g | Cupronickel 75% copper 25% nickel | Reeded | Yi Sun-sin, value (hangul) | Value (digit), bank title, year of minting | 1983 | January 15, 1983 | Series II (나) |
| | | ₩500 | 26.5 mm | 7.7 g | Cupronickel 75% copper 25% nickel | Reeded | Red-crowned crane, value (hangul) | Value (digit), bank title, year of minting | 1982 | June 12, 1982 | Series I (가) |
| These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table. ||||||||||||
The Bank of Korea announced in early 2006 its intention to redesign the 10 won coin by the end of that year. With the increasing cost of production, then at 38 won per 10 won coin, and rumors that some people had been melting the coins to make jewelry, the redesign was needed to make the coin more cost-effective to produce. The new coin is made of copper-coated aluminium with a reduced diameter of 18 millimetres (0.71 in), and a weight of 1.22 grams (0.043 oz). Its visual design is the same as the old coin. The new coin was issued on December 18, 2006.
The 1 and 5 won coins are rarely in circulation since 1992, and prices of consumer goods are rounded to the nearest 10 won. However, they are still in production, minting limited amounts of these two coins every year, for the Bank of Korea's annual mint sets. In 1998, the production costs per coin were: 10 won coins each cost 35 won to produce, 100 won coins cost 58 won, and 500 won coins cost 77 won.

### Banknotes

The Bank of Korea designates banknote and coin series in a unique way. Instead of putting those of similar design and issue dates in the same series, it assigns series number X to the Xth design of a given denomination. The series numbers are expressed with Korean letters used in alphabetical order, e.g. 가, 나, 다, 라, 마, 바, 사. Therefore, 1,000 won issued in 1983 is series II (나) because it is the second design of all 1,000 won designs since the introduction of the South Korean won in 1962.
In 1962, 10 and 50 jeon, 1, 5, 10, 50, 100 and 500 won notes were introduced by the Bank of Korea. The first issue of 1, 5, 10, 50, 100 and 500 won notes was printed in the UK by Thomas De La Rue. The jeon notes together with a second issue of 10 and 100 won notes were printed domestically by the Korea Minting and Security Printing Corporation.
In 1965, 100 won notes (series III) were printed using intaglio printing techniques, for the first time on domestically printed notes, to reduce counterfeiting. Replacements for the British 500 won notes followed in 1966, also using intaglio printing, and for the 50 won notes in 1969 using lithoprinting.
1962 Thomas De La Rue Series (in Korean) :
| Image | Image | Value | Dimensions | Main color | Description | Description | Date of | Date of | BOK series designation |
| Obverse | Reverse | Value | Dimensions | Main color | Obverse | Reverse | Issue | Issue Suspended | BOK series designation |
| | | ₩1 | 94 × 50 mm | Pink | Bank of Korea's symbol | Value | June 10, 1962 | May 20, 1970 | None |
| | | ₩5 | 94 × 50 mm | Blue | Bank of Korea's symbol | Value | June 10, 1962 | May 1, 1969 | None |
| | | ₩10 | 108 × 54 mm | Green | Bank of Korea's symbol | Value | June 10, 1962 | September 1, 1962 | Series I (가) |
| | | ₩50 | 156 × 66 mm | Orange | Haegeumgang near Geoje | Torch, value | June 10, 1962 | May 20, 1970 | Series I (가) |
| | | ₩100 | 156 × 66 mm | Green | Independence Gate (Dongnimmun) | Torch, value | June 10, 1962 | February 14, 1969 | Series I (가) |
| | | ₩500 | 156 × 66 mm | Grey | Namdaemun | Torch, value | June 10, 1962 | February 3, 1967 | Series I (가) |
| 1962–1969 KOMSCO Series (in Korean) ||||||||||
| | | 10 jeon | 90 × 50 mm | Blue | "Bank of Korea" and value (Korean) | "Bank of Korea" and value (English) | December 1, 1962 | December 1, 1980 | None |
| | | 50 jeon | 90 × 50 mm | Brown | "Bank of Korea" and value (Korean) | "Bank of Korea" and value (English) | December 1, 1962 | December 1, 1980 | None |
| | | ₩10 | 140 × 63 mm | Purple | Cheomseongdae | Geobukseon | September 21, 1962 | October 30, 1973 | Series II (나) |
| | | ₩50 | 149 × 64 mm | Green and orange / blue | Tapgol Park in Seoul | Beacon, Rose of Sharon | March 21, 1969 | October 30, 1973 | Series II (나) |
| | | ₩100 | 156 × 66 mm | Green | Independence Gate | Gyeonghoeru Pavilion at Gyeongbokgung | November 1, 1962 | October 30, 1973 | Series II (나) |
| | | ₩100 | 156 × 66 mm | Green | Sejong the Great | Main building of the Bank of Korea | August 14, 1965 | December 1, 1980 | Series III (다) |
| | | ₩500 | 165 × 73 mm | Brown | Namdaemun | Geobukseon | August 16, 1966 | May 10, 1975 | Series II (나) |
| These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table. ||||||||||
With the economic development from the 1960s, the value of the 500 won notes fell, resulting in a greater use of cashier's checks with higher fixed denominations as means of payment, as well as an increased use of counterfeited ones. In 1970, the 100 won notes were replaced by coins, with the same happening to the 50 won notes in 1972.
Higher-denomination notes of 5,000 and 10,000 won were introduced in 1972 and 1973, respectively. The notes incorporated new security features, including watermark, security thread, and ultraviolet response fibres, and were intaglio printed. The release of 10,000 won notes was planned to be at the same time as the 5,000 won notes, but problems with the main theme delayed it by a year. Newly designed 500 won notes were also released in 1973, and the need for a medium denomination resulted in the introduction of 1,000 won notes in 1975.
1972–1973 Series (in Korean) :
| Image | Image | Value | Dimensions | Main color | Description | Description | Description | Date of | Date of | BOK series designation | Plate produced |
| Obverse | Reverse | Value | Dimensions | Main color | Obverse | Reverse | Watermark | Issue | Issue Suspended | BOK series designation | Plate produced |
| | | ₩5,000 | 167 × 77 mm | Brown | Yi I | Main building of the Bank of Korea | | July 1, 1972 | December 1, 1980 | Series I (가) | By Thomas de la Rue |
| | | ₩10,000 | 171 × 81 mm | Green | Sejong the Great, Rose of Sharon | Geunjeongjeon at Gyeongbok Palace | | June 12, 1973 | November 10, 1981 | Series I (가) | In Japan |
| 1973–1979 Series (in Korean) ||||||||||||
| | | ₩500 | 159 × 69 mm | Green and pink | Yi Sun-sin, Geobukseon | Yi Sun-sin's Shrine at Hyeonchungsa | None | September 1, 1973 | May 12, 1993 | Series III (다) | |
| | | ₩1,000 | 163 × 73 mm | Purple | Yi Hwang, Rose of Sharon | Dosan Seowon (Dosan Confucian Academy) | | August 14, 1975 | May 12, 1993 | Series I (가) | In Japan |
| | | ₩5,000 | 167 × 77 mm | Orange | Yi I | Ojukheon in Gangneung | | June 1, 1977 | May 12, 1993 | Series II (나) | In Japan |
| | | ₩10,000 | 171 × 81 mm | Green | Sejong the Great, Water clock | Gyeonghoeru Pavilion at Gyeongbok Palace, Rose of Sharon | | June 15, 1979 | May 12, 1993 | Series II (나) | In Japan |
| These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table. ||||||||||||
In 1982, the 500 won note was replaced by a coin. The following year, as part of its policy of rationalizing the currency system, the Bank of Korea issued a new set of notes, as well as a new set of coins. Some of the notes' most notable features were distinguishable marks for the blind under the watermark and the addition of machine-readable language in preparation for mechanization of cash handling. They were also printed on better-quality cotton pulp to reduce the production costs by extending their circulation life.
To cope with the deregulation of imports of color printers and the increasing use of computers and scanners, modified 5,000 and 10,000 won notes were released between 1994 and 2002 with various new security features, which included color-shifting ink, microprint, segmented metal thread, moiré, and EURion constellation. The latest version of the 5,000 and 10,000 won notes are easily identifiable by the copyright information inscribed under the watermark: "© 한국은행" and year of issue on the obverse, "© The Bank of Korea" and year of issue on the reverse.
The plates for the 5,000 won notes were produced in Japan, while the ones for the 1,000 and 10,000 won notes were produced by the Korea Minting and Security Printing Corporation. They were all printed in intaglio.
1983–2002 Series (in Korean) :
| Image | Image | Value | Dimensions | Main Color | Description | Description | Description | Date of issue | Suspended Date | BOK series designation | Modification |
| Obverse | Reverse | Value | Dimensions | Main Color | Obverse | Reverse | Watermark | Date of issue | Suspended Date | BOK series designation | Modification |
| | | ₩1,000 | 151 × 76 mm | Purple | Yi Hwang | Dosan Seowon (Dosan Confucian Academy) | Reversed portrait | June 11, 1983 | June 1, 2016 | Series II (나) | |
| | | ₩5,000 | 156 × 76 mm | Orange | Yi I | Ojukheon in Gangneung | Reversed portrait | June 11, 1983 | June 1, 2016 | Series III (다) | |
| | | ₩5,000 | 156 × 76 mm | Orange | Yi I | Ojukheon in Gangneung | Reversed portrait | June 12, 2002 | June 1, 2016 | Series IV (라) | Color-shifting ink on the dots for blinds, segmented metal thread, copyright inscription |
| | | ₩10,000 | 161 × 76 mm | Green | Sejong the Great, Water clock | Gyeonghoeru Pavilion at Gyeongbok Palace | Reversed portrait | October 8, 1983 | June 1, 2016 | Series III (다) | |
| | | ₩10,000 | 161 × 76 mm | Green | Sejong the Great, Water clock | Gyeonghoeru Pavilion at Gyeongbok Palace | Reversed portrait | January 20, 1994 | June 1, 2016 | Series IV (라) | Segmented metal thread, microprint under the water clock, moiré on watermark area, intaglio latent image |
| | | ₩10,000 | 161 × 76 mm | Green | Sejong the Great, Water clock | Gyeonghoeru Pavilion at Gyeongbok Palace | Reversed portrait, Taeguk | June 19, 2000 | June 1, 2016 | Series V (마) | Color-shifting ink on the dots for blinds, removal of moiré, EURion constellation, copyright inscription |
| These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table. ||||||||||||

## New security features

In 2006, it became a major concern that the South Korean won banknotes were being counterfeited. This led the government to issue a new series of banknotes, with the 5,000 won note being the first one to be redesigned. Later in 2007, the 1,000 and 10,000 won notes were introduced.
On June 23, 2009, the Bank of Korea released the 50,000 won note. The obverse bears a portrait of Shin Saimdang, a prominent 16th-century artist, calligrapher, and mother of Korean scholar Yulgok, also known as Yi I, who is on the 5,000 won note. This note is the first Korean banknote to feature the portrait of a woman. The release of the 50,000 won note stirred some controversy among shop owners and those with visual impairments due to its similarity in color and numerical denomination with the 5,000 won note.
New 100,000 won notes were also announced, but their release was later cancelled due to the controversy over the banknote's planned image, featuring the Daedongyeojido map, and not including the disputed Dokdo islands. Also of controversy was the appearance of Kim Ku on the note, who is controversial among the South Korean right.
The banknotes include over 10 security features in each denomination. The 50,000 won note has 22 security features, the 10,000 won note 21, the 5,000 won note 17, the 2,000 won note 10 and the 1,000 won note 19. Many modern security features that can be also found in euros, pounds, Canadian dollars, and Japanese yen are included in the banknotes. Some security features inserted in won notes are:
* Holograms with three-dimensional images that change colors within the metallic foil on the obverse side of the notes (except ₩1,000)
* Watermark portraits of the effigy of the note are visible when held to the light in the white section of the note.
* Intaglio printing on words and the effigy give off a raised feeling, different from ordinary paper
* Security thread in the right side of the obverse side of the note with small lettering "한국은행 Bank of Korea" and its corresponding denomination
* Color-shifting ink on the value number at the back of the note:
For the first time in the world, KOMSCO, the Korean mint, inserted a new substance in the notes to detect counterfeits. This technique is being exported, such as to Europe and North America.
2006 Series (in Korean) :
| Image | Image | Value | Dimensions | Main color | Description | Description | Description | Date of issue | BOK series designation |
| Obverse | Reverse | Value | Dimensions | Main color | Obverse | Reverse | Watermark | Date of issue | BOK series designation |
| | | ₩1,000 [ko] | 136 × 68 mm | Blue | Yi Hwang, Myeongryundang in Seonggyungwan, plum flowers | "Gyesangjeonggeodo"; a painting Yi Hwang in Dosan Seowon by Jeong Seon | Reversed portrait and electrotype denomination (₩1,000 to ₩50,000) | January 22, 2007 | Series III (다) |
| | | ₩5,000 [ko] | 142 × 68 mm | Orange | Yi I, Ojukheon in Gangneung, black bamboo | "Insects and Plants", a painting of a watermelon and cockscombs by Yi I's mother Shin Saimdang | Reversed portrait and electrotype denomination (₩1,000 to ₩50,000) | January 2, 2006 | Series V (마) |
| | | ₩10,000 [ko] | 148 × 68 mm | Green | Sejong the Great, Irworobongdo, a folding screen for Joseon-era kings, and text from the second chapter of Yongbieocheonga, the first work of literature written in hangul | Globe of Honcheonsigye, Cheonsang Yeolcha Bunyajido C14 star map and reflecting telescope at Bohyeonsan Observatory in the background | Reversed portrait and electrotype denomination (₩1,000 to ₩50,000) | January 22, 2007 | Series VI (바) |
| | | ₩50,000 [ko] | 154 × 68 mm | Yellow | Shin Saimdang with Chochungdo - a Folding Screen of Embroidered Plants and Insects (South Korean National Treasure No. 595) in the background | Bamboo and a plum tree | Reversed portrait and electrotype denomination (₩1,000 to ₩50,000) | June 23, 2009 | Series I (가) |
| These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table. ||||||||||
2017 Commemorative Series (in Korean) :
| Image | Image | Value | Dimensions | Main color | Description | Description | Description | Date of issue | BOK series designation |
| Obverse | Reverse | Value | Dimensions | Main color | Obverse | Reverse | Watermark | Date of issue | BOK series designation |
| | | ₩2,000 | 140 x 75 mm | Gray | Seven winter sports events (Biathlon, Ice hockey, Curling, Speed skating, Ski jumping, Luge and Bobsled) | Songhamaenghodo (a painting of a tiger and a pine tree by Joseon-era artist Kim Hong-do) | Pyeongchang Olympic Stadium | November 17, 2017 | Series I (가) |
| These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table. ||||||||||

## Future
### Coinless trials

As the South Korean economy is evolving through the use of electronic payments, coins of the South Korean won are becoming less used by consumers. The Bank of Korea began a trial which would result in the total cessation of the production of coins by depositing change into prepaid cards. As of 2019, however, public participation in this program has decreased.

### Redenomination proposals

There have been recurring proposals in the South Korean National Assembly to redenominate the won by introducing a new won or new unit, equal to 1,000 old won, and worth nearly one U.S. dollar. While proponents cite a more valuable currency unit better projects the strength of the nation's economy, a majority remain opposed to the idea. Reasons cited are: economic harm if done immediately, no issues on public confidence in the won and its inflation rate, limited cost savings, and the presence of more urgent economic issues.

## Currency production

The Bank of Korea is the only institution in South Korea with the right to print banknotes and mint coins. The banknotes and coins are printed at the KOMSCO, a government-owned corporation, under the guidance of the Bank of Korea. After the new banknotes and coins are minted, they are bundled or rolled and shipped to the headquarters of the Bank of Korea. When delivered, they are deposited inside the bank's vault, ready to be distributed to commercial banks when requested. Every year, around Seollal and Chuseok, two major Korean holidays, the Bank of Korea distributes large amounts of its currency to most of the commercial banks in South Korea, which are then given to their customers upon request.

## Ranking

Most traded currencies by value Currency distribution of global foreign exchange market turnover vte :
| Currency | ISO 4217 code | Symbol or Abbrev. | Proportion of daily volume | Proportion of daily volume | Change (2019–2022) |
| Currency | ISO 4217 code | Symbol or Abbrev. | April 2019 | April 2022 | Change (2019–2022) |
| U.S. dollar | USD | $, US$ | 88.3% | 88.5% | 0.2pp |
| Euro | EUR | € | 32.3% | 30.5% | 1.8pp |
| Japanese yen | JPY | ¥, 円 | 16.8% | 16.7% | 0.1pp |
| Sterling | GBP | £ | 12.8% | 12.9% | 0.1pp |
| Renminbi | CNY | ¥, 元 | 4.3% | 7.0% | 2.7pp |
| Australian dollar | AUD | $, A$ | 6.8% | 6.4% | 0.4pp |
| Canadian dollar | CAD | $, Can$ | 5.0% | 6.2% | 1.2pp |
| Swiss franc | CHF | Fr., fr. | 4.9% | 5.2% | 0.3pp |
| Hong Kong dollar | HKD | $, HK$, 元 | 3.5% | 2.6% | 0.9pp |
| Singapore dollar | SGD | $, S$ | 1.8% | 2.4% | 0.6pp |
| Swedish krona | SEK | kr, Skr | 2.0% | 2.2% | 0.2pp |
| South Korean won | KRW | ₩, 원 | 2.0% | 1.9% | 0.1pp |
| Norwegian krone | NOK | kr, Nkr | 1.8% | 1.7% | 0.1pp |
| New Zealand dollar | NZD | $, $NZ | 2.1% | 1.7% | 0.4pp |
| Indian rupee | INR | ₹ | 1.7% | 1.6% | 0.1pp |
| Mexican peso | MXN | $, Mex$ | 1.7% | 1.5% | 0.2pp |
| New Taiwan dollar | TWD | $‎, NT$, 圓 | 0.9% | 1.1% | 0.2pp |
| South African rand | ZAR | R | 1.1% | 1.0% | 0.1pp |
| Brazilian real | BRL | R$ | 1.1% | 0.9% | 0.2pp |
| Danish krone | DKK | kr., DKr | 0.6% | 0.7% | 0.1pp |
| Polish złoty | PLN | zł‎, Zl | 0.6% | 0.7% | 0.1pp |
| Thai baht | THB | ฿, B | 0.5% | 0.4% | 0.1pp |
| Israeli new shekel | ILS | ₪, NIS | 0.3% | 0.4% | 0.1pp |
| Indonesian rupiah | IDR | Rp | 0.4% | 0.4% | |
| Czech koruna | CZK | Kč, CZK | 0.4% | 0.4% | |
| UAE dirham | AED | د.إ, Dh(s) | 0.2% | 0.4% | 0.2pp |
| Turkish lira | TRY | ₺, TL | 1.1% | 0.4% | 0.7pp |
| Hungarian forint | HUF | Ft | 0.4% | 0.3% | 0.1pp |
| Chilean peso | CLP | $, Ch$ | 0.3% | 0.3% | |
| Saudi riyal | SAR | ﷼, SRl(s) | 0.2% | 0.2% | |
| Philippine peso | PHP | ₱ | 0.3% | 0.2% | 0.1pp |
| Malaysian ringgit | MYR | RM | 0.2% | 0.2% | |
| Colombian peso | COP | $, Col$ | 0.2% | 0.2% | |
| Russian ruble | RUB | ₽, руб | 1.1% | 0.2% | 0.9pp |
| Romanian leu | RON | —, leu | 0.1% | 0.1% | |
| Peruvian sol | PEN | S/ | 0.1% | 0.1% | |
| Other currencies | Other currencies | Other currencies | 2.0% | 2.4% | 0.4pp |
| Total | Total | Total | 200.0% | 200.0% | |